SOURCE: BrightScope

BrightScope

March 24, 2015 08:00 ET

BrightScope Honors the Most Generous U.S. Companies With the Best 401k Plans

Healthcare and Technology Industries Lead the Pack of Most Generous Employers; Sullivan & Cromwell Claims Top Spot Again

SAN DIEGO, CA--(Marketwired - Mar 24, 2015) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the second annual list of the 30 Most Generous Companies ranked by their 401k plans, showcasing companies that are placing an emphasis on helping employees prepare for their financial futures.

"Offering employees better packages encourages them to be proactive about their financial future, exemplified by how the participation rate for the most generous companies is over 10 percent higher than the average BrightScope rated plan," said Brooks Herman, Head of Data & Research at BrightScope. "More and more, we're seeing workers making retirement programs a bigger part of their decision when accepting jobs, and it's great to see companies growing this part of their benefits year-to-year."

BrightScope determined a company's generosity by examining the vesting schedule, eligibility periods and all contributions to the plan made by the company for the sole benefit of the plan's participants among BrightScope-rated plans.

Noteworthy findings in the 2015 Most Generous Plans list include:

  • Staying on top: Sullivan & Cromwell, LLP remains the most generous company in the U.S. for the second year in a row, with an average contribution of $48,666 to employees' retirement 

  • Warm welcome: Martin Resource Management Corporation, No. 6, Six3 Advanced Systems, No. 15, Seyfarth Shaw, LLP, No. 16, D & M Holding, Inc., No. 22, Anaesthesia Associates of Massachusetts, P.C., No. 23, Palo Alto Foundation Medical Group, Inc., No. 24, United Airlines, Inc., No. 27, Cerberus Capital Management, L.P., No. 28, and University of Wisconsin Medical Foundation, Inc., No. 30 

  • Making Moves: Garland Industries, Inc. moved from No. 26 to No. 14 

  • The average company generosity for plans listed is $31,661, which is impressive considering the average generosity of all BrightScope rated plans at $4,382 

  • The average account balance for plans listed is $586,910, which is an increase of nearly 25 percent since last year 

  • The average participation rate for companies listed is 94 percent 

The 10 Most Generous Companies and their best 401k plans by total distribution are:

1. Sullivan & Cromwell, LLP - Retirement Plan of Sullivan & Cromwell, LLP

2. O'Melveny & Myers, LLP - O'Melveny & Myers, LLP Keogh Plan

3. Oregon Anesthesiology Group, P.C. - Oregon Anesthesiology Group, P.C. 401k Profit Sharing Plan

4. Shearman & Sterling, LLP - Shearman & Sterling, LLP Partners' Retirement Plan

5. Anesthesia Service Medical Group, Inc. - Anesthesia Service Medical Group, Inc. 401k Profit Sharing Plan Trust

6. Martin Resource Management Corporation - Mrmc Esop

7. Bryan Cave, LLP - Bryan Cave, LLP Retirement Plan for Partners 

8. Debevoise & Plimpton, LLP - Retirement Plan for Lawyers of Debevoise & Plimpton, LLP

9. Cravath, Swaine & Moore LLP - Retirement Plan of Cravath, Swaine & Moore LLP

10. Skadden, Arps, Slate, Meagher & Flom, LLP - Skadden, Arps, Slate, Meagher & Flom Retirement Plan

Note: This data is accurate as of March 18, 2015.

To view the complete list of the Top 30 Most Generous Companies with the best 401k plans in the United States, visit the BrightScope Blog at http://blog.brightscope.com/2015/03/24/most-generous-companies-best-401k/.

BrightScope obtains an increasing amount of its data directly from plan sponsors and record keepers, and augments these primary sources with data from publicly available sources such as the Department of Labor and the Securities and Exchange Commission. By analyzing and interpreting this data, BrightScope provides unprecedented transparency into the 401k industry.

The BrightScope Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. By analyzing more than 200 individual data points, the BrightScope Rating algorithm calculates a single numerical value for each 401k plan. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.

BrightScope has rated nearly 50,000 401k and 403b plans, spanning more than 57 million workers and over $3 trillion in assets. Industry adoption of the BrightScope Rating will lead to more cost-effective plans, increased participation rates, higher employee satisfaction and better outcomes for the 60 million employees who depend on their 401k plan for retirement.

About BrightScope
BrightScope is a financial information company that brings transparency to opaque markets through independent research and analysis. Delivered through cloud-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors. The BrightScope Rating™, developed in partnership with leading independent 401k fiduciaries, reviews more than 200 unique data inputs per plan and calculates a single numerical score which defines plan quality at the company level. In April 2011, the company launched BrightScope Advisor Pages™, the first comprehensive and publicly available directory of financial advisors designed to help consumers discover information and conduct due diligence on wealth management professionals. BrightScope also markets a suite of data analytics software products to Fortune 1000 companies, asset managers, broker-dealers, financial advisors, and other market participants. Public ratings for nearly 50,000 retirement plans as well as rating definitions, criteria and methodologies, and information on more than 680,000 financial advisors and nearly 33,000 active advisory firms are available for free at www.brightscope.com.